Gibson's Mill Apartments, 17 Morrison Street Hobart, TAS 7000

INVESTMENT SALE:

Gibson's Mill is a historic landmark. Built Circa 1860 as Hobart's predominant waterfront flour mill, the building was owned and operated by the Gibson family for over 100 years.

In 2010 the building was converted from offices to 12 luxury apartments; 6 x one bedroom, 5 x two bedroom and a three bedroom penthouse with 180 degree views.

Accommodation is spread over 3 floors plus 2 levels of car parks.

Total floor area is 300sqm per floor (900sqm of accommodation).

Located in the restored Gibson's Flour Mill building only a stone's throw from the docks and Salamanca Place; and opposite the ferry terminal which takes tourists to the wold class MONA museum.

The apartments have been superbly designed to incorporate many features of the historic mill within a modern apartment.

All of the apartments have luxurious fit-outs including king beds, full kitchen and laundry facilities, large living areas and decor.

Annual revenue is $906,224 with a very high net profit.

Council has recently approved a strata title of the complex whereby the 12 apartments could be sold individually and used for permanent residential occupation.

The Sullivan's Cove Waterfront area is Tasmania's strongest investment market.
Annual rent of $460,000 (plus GST) will provide a net yield of 6%.